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Economy
In reply to the discussion: STOCK MARKET WATCH -- Tuesday, 9 July 2013 [View all]xchrom
(108,903 posts)23. Aid for Athens: France Demands Direct Funding for Greek Banks
http://www.spiegel.de/international/europe/eu-grants-aid-money-for-athens-but-france-demands-more-a-910178.html
European finance ministers on Monday night agreed to release some 6.8 billion ($8.8 billion) billion in aid money to Greece to keep the country solvent throughout the summer. But on Tuesday, France said that it is time to pony up even more money to help the ailing Greek banking system.
"A lot of things would be much easier if the euro-zone bailout fund were already now able to directly recapitalize Greek banks," French Europe Minister Thierry Repentin told the German business daily Handelsblatt. He was referring to the fund known as the European Stability Mechanism, which was given the ability last year to help banks directly. Greek banks, Repentin said, should get assistance "just like all other banks in the euro zone that need it so as to limit the negative effects of the crisis on public finances."
First, however, Greece needs to make sure that it fulfils the conditions necessary to receive all of the next aid tranche. European finance ministers made it clear on Monday evening that they are dissatisfied with the progress Athens is making on reform and elected to break up the tranche into smaller payments in order to keep the pressure on the Greek government to fulfil their pledges.
European finance ministers on Monday night agreed to release some 6.8 billion ($8.8 billion) billion in aid money to Greece to keep the country solvent throughout the summer. But on Tuesday, France said that it is time to pony up even more money to help the ailing Greek banking system.
"A lot of things would be much easier if the euro-zone bailout fund were already now able to directly recapitalize Greek banks," French Europe Minister Thierry Repentin told the German business daily Handelsblatt. He was referring to the fund known as the European Stability Mechanism, which was given the ability last year to help banks directly. Greek banks, Repentin said, should get assistance "just like all other banks in the euro zone that need it so as to limit the negative effects of the crisis on public finances."
First, however, Greece needs to make sure that it fulfils the conditions necessary to receive all of the next aid tranche. European finance ministers made it clear on Monday evening that they are dissatisfied with the progress Athens is making on reform and elected to break up the tranche into smaller payments in order to keep the pressure on the Greek government to fulfil their pledges.
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You probably have me on ignore, but I'm going to say this anyway. There were several ways to handle
A HERETIC I AM
Jul 2013
#46